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Cytec Industries accepts tenders for $15.41 million of 4.6% notes
By Angela McDaniels
Tacoma, Wash., July 29 - Cytec Industries Inc. said it received tenders for $70,123,000 principal amount of its 4.6% notes due July 1, 2013 and accepted $15.41 million of notes for purchase.
The company began tender offers for the $187.7 million of 4.6% notes and its $250 million of 5.5% notes due Oct. 1, 2010 on June 30.
Cytec offered to purchase all 5.5% notes tendered and an amount of 4.6% notes equal to $250 million minus the amount of 5.5% notes accepted, up to a total repurchase amount of $50 million.
As previously reported, holders tendered $234.59 million of the 5.5% notes, leaving $15.41 million to be spent on the offer for the 4.6% notes. The proration factor for the 4.6% notes is about 22%.
The deadline was 5 p.m. ET on July 14 for the 5.5% notes offer and 11:59 p.m. ET on July 28 for the 4.6% notes offer.
For each $1,000 principal amount, the payment was $1,035 for the 5.5% notes and $950 for the 4.6% notes.
In the case of the 4.6% notes, the $950 payout included a $20.00 early tender premium for each note that was tendered by 5 p.m. ET on July 14, the early tender date.
Holders also received accrued interest up to but excluding the settlement date, which was July 15 for the 5.5% notes and July 29 for the 4.6% notes.
The offers were subject to the completion by Cytec of a public offering of not less than $250 million principal amount of unsecured senior debt securities no later than the early tender date. They were not contingent on the tender of any minimum principal amount of securities.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), RBS Securities Inc. (877 297-9832 or 203 897-6145) and Wells Fargo Securities (866 309-6316 or 704 715-8341) were the dealer managers.
Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) was the information agent.
Cytec Industries is a specialty chemicals and materials company based in Woodland Park, N.J.
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